Fortescue Plans to Repay Debt as Profit Jumps

SYDNEY—Fortescue Metals Group Ltd. said it hoped to repay as much as US$1.5 billion of debt within the next year, after a sharp rise in iron-ore output from its Pilbara mines fueled a 56% jump in annual profit.

Fortescue also maintained its final dividend at 10 cents a share, soothing investor concerns that the world's No. 4 iron-ore exporter by volume might look to lower payouts to free up cash to repay loans.